Market Insights Advertising & Media Advertising

Influencer Advertising - Sweden

Sweden

Ad spending in the Influencer Advertising market in Sweden is forecasted to reach €151.60m in 2024.
The expected annual growth rate (CAGR 2024-2029) of ad spending is 8.29%, leading to a projected market volume of €225.80m by 2029.
The average ad spending per internet user in the Influencer Advertising market in Sweden is estimated to be €15.71 in 2024.
When compared globally, the highest ad spending is anticipated China (€17,770.00m in 2024).
In Sweden, Influencer Advertising is rapidly growing, with brands leveraging local influencers to authentically engage with the Swedish market.

Key regions: Australia, Germany, France, Europe, United States

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Analyst Opinion

The Influencer Advertising market in Sweden is experiencing significant growth and development. Customer preferences have shifted towards more personalized and authentic content, leading to an increased demand for influencer advertising. Additionally, the rise of social media platforms and the increasing number of internet users have contributed to the expansion of the market.

Customer preferences: Swedish consumers have shown a strong preference for authentic and relatable content. They are more likely to engage with influencers who share their values and beliefs. As a result, brands are increasingly collaborating with local influencers who have a strong and loyal following. This has led to an increase in the number of influencer campaigns in the country.

Trends in the market: One of the key trends in the influencer advertising market in Sweden is the use of micro-influencers. These are individuals with a smaller following, typically between 1,000 and 100,000 followers, who have a highly engaged audience. Brands are realizing the value of working with micro-influencers as they often have a more niche and targeted audience, resulting in higher conversion rates. Another trend in the market is the use of video content. Swedish consumers are increasingly consuming video content, particularly on platforms like YouTube and Instagram. Brands are leveraging this trend by collaborating with influencers who create video content to promote their products or services. Video content allows for a more immersive and engaging experience, which resonates well with Swedish consumers.

Local special circumstances: Sweden has a highly digitalized society, with a high internet penetration rate and a tech-savvy population. This has created a favorable environment for influencer advertising to thrive. Swedish consumers are comfortable with online shopping and are more likely to trust recommendations from influencers they follow. Additionally, the country has a strong culture of transparency and authenticity, which aligns well with the principles of influencer advertising.

Underlying macroeconomic factors: The Swedish economy has been growing steadily in recent years, which has contributed to an increase in consumer spending. This has provided brands with the opportunity to invest more in influencer advertising to reach their target audience. Furthermore, the strong presence of multinational companies in Sweden has also fueled the growth of the influencer advertising market. These companies have recognized the importance of influencer marketing in reaching their target customers and have allocated significant budgets for such campaigns. In conclusion, the Influencer Advertising market in Sweden is experiencing growth and development due to customer preferences for personalized and authentic content, the use of micro-influencers, the popularity of video content, the country's digitalized society, and the underlying macroeconomic factors. Brands are leveraging these trends and circumstances to effectively reach their target audience and drive sales.

Methodology

Data coverage:

Data encompasses enterprises (B2B). Figures are based on influencer advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers advertising fees paid directly to influencers to post sponsored content.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use market data from independent databases, influencer marketing platforms, and third-party reports to analyze and estimate global influencer advertising spending. We start by researching on the average cost per content post on each social media platform, the number of influencers available on advertising platforms (breakdown by tier: nano, micro, macro, and mega), and the average number of posts per year. Then we estimate the market size for each country individually. We use relevant key market indicators and data from country-specific industry associations, such as GDP, social media users, and digital consumer spending. Lastly, we benchmark key countries or regions (global, United States, China, etc.) with external sources.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market. For instance, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.

Additional notes:

Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.